The maximum share price that you see when placing your request for shares is the top price of the estimated price range per share plus 20%.
When preparing for an IPO, the underwriter and company going public provide an estimated price range per share to give investors a general idea of the final IPO price. The maximum share price tied to your request for shares is 20% greater than the top of the estimated price range per share because, when you request shares in an IPO available on Public, you’re submitting a “conditional order to buy” (COB).
COB orders are valid as long as the final price at which shares are sold in the IPO are within 20% of the estimated price range and there have been no material changes to the prospectus. The maximum share price shown when submitting your request for shares takes into account this 20% requirement.